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European shares stuck in range ahead of Fed

Paris - European shares inched higher early on Friday but remained in a tight range, as investors refrained from taking strong bets on stocks ahead of Scotland's referendum and the US Federal Reserve's policy meeting next week.

At 09:35, the FTSEurofirst 300 index of top European shares was up 0.1% at 1 385.79 points, after losing 0.1% on Thursday.

With just a week to go before Scots vote in a referendum on independence, a YouGov poll for The Times and Sun newspapers showed on Friday Scottish support for the union at 52% versus support for independence at 48%, excluding those who said they did not know how they would vote.

A recent survey for the Sunday Times newspaper had put the "yes" to independence campaign at 51% against the "no" camp at 49%, rattling investors and sparking worries over similar independence movements across Europe.

On Thursday, hundreds of thousands of Catalans packed the streets of Barcelona to demand the right to vote on a potential split from Spain.

"There's a lot of hesitation at this point. People are reluctant to take any new positions ahead of the Scotland referendum, but also ahead of the Fed's meeting next week which could turn out to be a real game changer," Saxo Bank sales trader Andrea Tueni said.

Investors were cautious amid speculation about the prospects for rising US interest, ahead of the Fed's policy meeting next week. The market will focus on the central bank's words, seeking clues on the timing of the first US rate hike in more than eight years.

Recent talk the Fed might turn hawkish at its policy meeting next week, possibly by dropping its commitment to keeping interest rates low, has seen US Treasury yields and the dollar steadily rise.

Around Europe, UK's FTSE 100 index was up 0.2%, Germany's DAX index down 0.2%, and France's CAC 40 down 0.1%.

Shares in Aveva, a British company whose software is used to design ships and nuclear power stations, featured among the top losers across Europe, tumbling 19% after the group said it would take a £14m hit from currency movements and the timing of contract renewals.

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